With the 2024 election in the rearview mirror – it is now time to analyze the coming Trump Administration’s planned policies and the impact on our economy and the business community.
Below are two key planned economic policies that should help ignite the US economy for a long overdue economic boom:
Tax Policy: Additional Tax Cuts and Tax Code Simplification
- Further Corporate Tax Cuts: Trump has indicated that he would continue to push for further cuts to the corporate tax rate, possibly revisiting his 2017 Tax Cuts and Jobs Act (TCJA). The goal would be to make the U.S. more competitive globally and encourage companies to bring more jobs and capital back to the U.S.
- Additional Personal Tax Cuts: Trump has signaled that he plans to make the individual tax cuts from the TCJA permanent. The 2017 tax cuts included temporary reductions for individuals, but those were set to expire in 2025, and Trump has suggested extending or expanding them.
- Simplified Tax Code: Trump has proposed reducing the number of tax brackets to simplify the tax filing process, making it easier for individuals and businesses to navigate the system.
- Repatriation and Incentives for American Companies: Trump could push for new measures to incentivize U.S. companies to bring jobs and profits back from overseas. This could include revisiting his previous tax reforms, including a repatriation tax holiday for foreign profits.
Deregulation: Expanding the “De-Regulatory Agenda” to Streamline Business and Economic Expansion
- Further Deregulation of the Financial Sector: Trump has made it clear that he intends to reduce government oversight of the financial sector, similar to his approach during his first term. This could involve additional rollbacks of Dodd-Frank regulations and other financial oversight measures, aimed at easing the regulatory burden on banks and financial institutions.
- Environmental Regulations: Trump has consistently argued that environmental regulations harm American industries. A second term would likely see further rollback of environmental and climate-related regulations, particularly those affecting the energy sector (e.g., coal, oil, and natural gas).
- Energy Deregulation and Expansion of Fossil Fuels: Trump is likely to continue prioritizing energy independence by further reducing restrictions on oil, natural gas, and coal production. He may aim to expand drilling on federal lands and offshore drilling, as well as push for the approval of pipelines like Keystone XL (which was blocked in his first term).
We are highly optimistic that a true economic recovery is on the horizon with planned policies that will ignite economic growth.
Interested in raising capital for your company or project? Call us today to discuss! (720) 586-8610
